Ness Technologies Ltd. (Nasdaq: NSTC) has won a contract worth NIS 5 million to convert the pension fund data managed by Opal Future Technologies Inc., which operates a centralized pension fund management system for regulated funds. Under the agreement, Ness will also convert the data of the three older, well-known pension funds, Mivtachim, the Central Pension Fund of the Histadrut Workers (KGM), and Hadassah, which together account for 80% of the savers in the regulated funds.
Opal has set up an advanced centralized management system for eight older regulated pension funds. The scheme was set up three years ago, and is designed to secure the pension savings of the hundreds of thousands of fund members, and manage the funds using advanced technologies. Ness will reconfigure the pension funds' data to a structure designed for their input in the new system.
Ness Technologies SWD manager Yafa Farber said, "This is one of the largest conversion projects carried out in Israel in the last decade. The winning of a project as complex and expansive as this represents a further endorsement of Ness Technologies' expertise and leadership in data conversion, and will set in motion a new trend that will see data conversion projects standing on their own, rather than merely as part of other projects."
Earlier this month Ness Technologies acquired privately-held US IT services company MS9 Consulting LLC for $11.4 million. MS9 posted $13 million revenue for 2006. In September, Ness Technologies acquired Italian software house Selesta S.p.A. for $12 million.
Published by Globes [online], Israel business news - www.globes.co.il - on October 28, 2007
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